The industrial sector accounted for 32.6% of the total credit facilities granted by banks in April, according to the Central Bank of Egypt (CBE).
In its monthly bulletin on the performance of the banking sector, the CBE stated that the total balances of credit facilities granted by banks rose by EGP 147.4bn between July 2015 and April 2016, climbing to EGP 865.4bn.
The private sector acquired 59.9% of the total facilities granted by banks.
The services sector received 27% of the credit facilities, while trade acquired 10.5%, and agriculture 1.3%. Other sectors, including the household sector, acquired 28.6%.
Ezz El-Din Hassanein, a banking and economic expert and general manager at a bank operating in Egypt, said that Egypt needs more credit facilities granted to the industrial sector in the coming period because of its important role in the economy.
He explained that the industrial sector is the main engine driving economic growth. Moreover, it is a key player in reducing unemployment and increasing the foreign exchange reserves of export earnings, he added.
Hassanein criticised the weakness of granted facilities to the agriculture sector versus other sectors such as retail banking.
“The agriculture sector is vital for the Egyptian economy,” he said. “It is directly linked to all basic commodities of Egyptians and helps to increase exports.”